Hackett did not say what criteria will be used to evaluate Hoke or clarify whether "end of the season" means following the regular season or a possible bowl game, the report says.
Hackett is the former CEO of furniture maker Steelcase and played for Hall of Fame Wolverines coach Bo Schembechler in the 1970s. Hackett said that he will evaluate the football program "with the blessing of" president Mark Schlissel, according to the report.
"The end of the season, for me, is a question I hear in your comments whether or not it's a certain date," Hackett said. "When I get there, I'll know I'm ready to talk about it.
"I'm going to give you a really clear answer on that when we get to the end of the season. It's a body of work, guys. We have two more games. One of them is a red letter game with a really important rival. When that's all done, it won't be vague or unclear about where we stand."
Michigan went 11-2 and won the Sugar Bowl in Hoke's first season, but the Wolverines' record over two-plus subsequent seasons is 20-16.
The Wolverines are 5-5 this season and have suffered blowout losses to rivals Notre Dame and Michigan State. Michigan can reach a bowl game by winning either of two remaining games against Maryland and Ohio State.
Hackett commended Hoke for handling on- and off-field adversity this season but said the program is not performing at an acceptable level, according to the report.
"We're not where we need to be, and (Hoke) knows that," Hackett said. "The bigger issue is, not only do I know it, but does our coaching staff know it? And he knows that. Sometimes in business I've gone through reviews of situations and you find that people don't understand where we are.
"(The coaches) understand where we are. That's a good start in terms of doing the evaluation that I have to do."
Hackett, who was asked if he would be interested in being the new, permanent AD, said Schlissel will determine the criteria for the position, the report says.